Nuclear power: The search for small giants is more practical than wind power and nuclear power. In the latest “Twelfth Five-Year Planâ€, the proportion of nuclear power and installed capacity have also been greatly improved.
According to the plan, by 2015, the installed capacity of nuclear power will reach 39 million kilowatts; by 2020, the nuclear power installation plan will increase to 86 million kilowatts, accounting for about 5% of the total installed capacity by that time, and the scale under construction will be 40 million kilowatts.
And equipment manufacturers are the biggest cakes that can be shared among them.
According to the calculation of Galaxy Securities, nuclear power investment is expected to reach 500 billion yuan in 2011-2015, and nuclear power investment is expected to reach 1.2 trillion yuan in 2011-2020, according to nuclear power unit investment of 13,000 yuan / kilowatts. "From the point of view of the investment in nuclear power, equipment investment accounts for 55% of the total investment."
"I think the logic of investing in nuclear power is to circumvent the technical route. The current nuclear power technology line includes two generations, two and a half generations, and three generations. When you invest, you need to find out which generation to use. , like valves, pumps, pipes, etc." The above PE person told reporters.
In its view, the above-mentioned products accounted for a relatively small proportion of the investment in nuclear power plants. "And it is quite tedious to do." "On the one hand, it will not compete with monopoly enterprises for profit, on the other hand because of the low proportion of total costs, When cyclical fluctuations occur, the bargaining power is very strong, and operators will stare at things that account for 50% of their costs.
"We don't look at Dongfang Electric and Shanghai Electric. Large companies are relatively stable, but they have no explosive power."
According to its investment logic, China Nuclear Power Technology and Jiangsu Shentong, the main nuclear power station valves, Nanfeng Co., Ltd., which mainly deals in ventilation and air treatment, and Jiabao Group, which is mainly engaged in the use of zirconium tubes for nuclear power, all have the potential to subdivide industry giants. .
On October 12, China Nuclear Technology's private placement plan was approved by the Securities Regulatory Commission. This issuance program plans to raise funds of 343.2 million yuan, mainly for nuclear power valve production capacity expansion projects, nuclear chemical valve production line technological transformation projects and high-end nuclear-level valves. Forging production base construction project.
From October 13 onwards, China National Nuclear Technology Technology Co., Ltd. closed at a daily limit for three consecutive trading days, and the fourth trading day has also risen to 9.50%. Since then, the stock trading has been unusually volatile and the company has suspended trading.
Another listed company in the valve sector is Jiangsu Shentong. The company's 2010 semi-annual report showed that its nuclear power valve operating income increased by 59.1% to 54.24 million, accounting for 39.4% of total revenue from 25.4% in the same period last year.
The gross profit rate of nuclear power valve also rose steadily to 45.4%. In contrast, the gross profit margin of China Nuclear Technology's nuclear power valve was only 28.45%.
On the other hand, with the company's investment in the first phase of investment projects, its nuclear power valve production capacity increased from 2,500 sets to 4000-5000 sets, the production capacity increased by nearly 100%.
China Merchants Securities said in its report that “according to the nuclear power project construction plan, it is expected to deliver 147 million yuan this year, an increase of 96% compared with the same period of last year. The successful investment project will guarantee the smooth completion of the production plan this year.â€
Jiangsu Shentong issued an announcement that the company won the bid for CGN Guangdong Yangjiang Nuclear Power Plant Nos. 3 to 6 and the Guangxi Fangchenggang Nuclear Power Station No. 1 and No. 2 unit LOT190F nuclear island butterfly valve, with an order amount of 126 million yuan. It is expected to deliver revenue in 2011-2013. .
“Once again, we have won orders to consolidate the dominance of the company in the field of nuclear power butterfly valves and ball valves. We expect that the company is expected to bid about 170 million orders in the second half of the year, and hand orders will reach around 700 million at the end of the year,†China Merchants Securities said in its report.
On the other hand, in the view of the aforementioned PE, uranium resources are expected to become a new hot spot.
“The peak period of nuclear power construction will gradually come to an end after 2012, and it will usher in the peak period of production. At this time, the demand for uranium ore will come up. The mining of uranium ore is controlled and the price is leveraged. We are optimistic about our mid-term comparison. It's anti-inflation."
China is considered to be a depleted uranium country in the traditional sense, but recently CNNC has discovered large-scale uranium deposits in Inner Mongolia and Xinjiang, and the ownership of these uranium deposits will also become the focus of market attention.
Currently engaged in uranium mining, there is no A-share listed company, Hong Kong stocks are China National Nuclear International, the company's major shareholder is China National Nuclear Overseas Uranium Industry Co., Ltd., the listed company acquired 69.5% of the Western company's equity in June 2009, the latter holding There are many uranium and coal projects in Inner Mongolia. In January 2010, the listed company also acquired the parent company's 37.2% stake in Nepal's Somina uranium mine.
The other Hong Kong stock Century City International had previously signed a cooperation agreement with China National Nuclear Corporation, a wholly-owned subsidiary of China National Nuclear Corporation, to establish a cooperative relationship with uranium mines in Mongolia and other countries, but no progress has been made since then.
In addition, Sinosteel Nanzhou Uranium Mining Co., Ltd., a subsidiary of Sinosteel Tianyuan, owns 60% of the Sinosteel PNN Uranium Joint Venture, and the market is also concerned about the possibility of its injection into listed companies.
According to the plan, by 2015, the installed capacity of nuclear power will reach 39 million kilowatts; by 2020, the nuclear power installation plan will increase to 86 million kilowatts, accounting for about 5% of the total installed capacity by that time, and the scale under construction will be 40 million kilowatts.
And equipment manufacturers are the biggest cakes that can be shared among them.
According to the calculation of Galaxy Securities, nuclear power investment is expected to reach 500 billion yuan in 2011-2015, and nuclear power investment is expected to reach 1.2 trillion yuan in 2011-2020, according to nuclear power unit investment of 13,000 yuan / kilowatts. "From the point of view of the investment in nuclear power, equipment investment accounts for 55% of the total investment."
"I think the logic of investing in nuclear power is to circumvent the technical route. The current nuclear power technology line includes two generations, two and a half generations, and three generations. When you invest, you need to find out which generation to use. , like valves, pumps, pipes, etc." The above PE person told reporters.
In its view, the above-mentioned products accounted for a relatively small proportion of the investment in nuclear power plants. "And it is quite tedious to do." "On the one hand, it will not compete with monopoly enterprises for profit, on the other hand because of the low proportion of total costs, When cyclical fluctuations occur, the bargaining power is very strong, and operators will stare at things that account for 50% of their costs.
"We don't look at Dongfang Electric and Shanghai Electric. Large companies are relatively stable, but they have no explosive power."
According to its investment logic, China Nuclear Power Technology and Jiangsu Shentong, the main nuclear power station valves, Nanfeng Co., Ltd., which mainly deals in ventilation and air treatment, and Jiabao Group, which is mainly engaged in the use of zirconium tubes for nuclear power, all have the potential to subdivide industry giants. .
On October 12, China Nuclear Technology's private placement plan was approved by the Securities Regulatory Commission. This issuance program plans to raise funds of 343.2 million yuan, mainly for nuclear power valve production capacity expansion projects, nuclear chemical valve production line technological transformation projects and high-end nuclear-level valves. Forging production base construction project.
From October 13 onwards, China National Nuclear Technology Technology Co., Ltd. closed at a daily limit for three consecutive trading days, and the fourth trading day has also risen to 9.50%. Since then, the stock trading has been unusually volatile and the company has suspended trading.
Another listed company in the valve sector is Jiangsu Shentong. The company's 2010 semi-annual report showed that its nuclear power valve operating income increased by 59.1% to 54.24 million, accounting for 39.4% of total revenue from 25.4% in the same period last year.
The gross profit rate of nuclear power valve also rose steadily to 45.4%. In contrast, the gross profit margin of China Nuclear Technology's nuclear power valve was only 28.45%.
On the other hand, with the company's investment in the first phase of investment projects, its nuclear power valve production capacity increased from 2,500 sets to 4000-5000 sets, the production capacity increased by nearly 100%.
China Merchants Securities said in its report that “according to the nuclear power project construction plan, it is expected to deliver 147 million yuan this year, an increase of 96% compared with the same period of last year. The successful investment project will guarantee the smooth completion of the production plan this year.â€
Jiangsu Shentong issued an announcement that the company won the bid for CGN Guangdong Yangjiang Nuclear Power Plant Nos. 3 to 6 and the Guangxi Fangchenggang Nuclear Power Station No. 1 and No. 2 unit LOT190F nuclear island butterfly valve, with an order amount of 126 million yuan. It is expected to deliver revenue in 2011-2013. .
“Once again, we have won orders to consolidate the dominance of the company in the field of nuclear power butterfly valves and ball valves. We expect that the company is expected to bid about 170 million orders in the second half of the year, and hand orders will reach around 700 million at the end of the year,†China Merchants Securities said in its report.
On the other hand, in the view of the aforementioned PE, uranium resources are expected to become a new hot spot.
“The peak period of nuclear power construction will gradually come to an end after 2012, and it will usher in the peak period of production. At this time, the demand for uranium ore will come up. The mining of uranium ore is controlled and the price is leveraged. We are optimistic about our mid-term comparison. It's anti-inflation."
China is considered to be a depleted uranium country in the traditional sense, but recently CNNC has discovered large-scale uranium deposits in Inner Mongolia and Xinjiang, and the ownership of these uranium deposits will also become the focus of market attention.
Currently engaged in uranium mining, there is no A-share listed company, Hong Kong stocks are China National Nuclear International, the company's major shareholder is China National Nuclear Overseas Uranium Industry Co., Ltd., the listed company acquired 69.5% of the Western company's equity in June 2009, the latter holding There are many uranium and coal projects in Inner Mongolia. In January 2010, the listed company also acquired the parent company's 37.2% stake in Nepal's Somina uranium mine.
The other Hong Kong stock Century City International had previously signed a cooperation agreement with China National Nuclear Corporation, a wholly-owned subsidiary of China National Nuclear Corporation, to establish a cooperative relationship with uranium mines in Mongolia and other countries, but no progress has been made since then.
In addition, Sinosteel Nanzhou Uranium Mining Co., Ltd., a subsidiary of Sinosteel Tianyuan, owns 60% of the Sinosteel PNN Uranium Joint Venture, and the market is also concerned about the possibility of its injection into listed companies.
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